[quote=jficquette]
Actually, you could use this to back into it. If you know the median house income you could multiply by 34% for the payment x 360(assume 30 yr loan) and then discount it back for the value using say 6.5%
John[/quote]
That’s seeing the glass half full!
SD Median Income: $64k
Gross: ~$46k
Monthly: ~$3800
div3 = $1267
x12x30 for a 30-year: = $456k paid to bank (including interest)
reverse amortize (take out the interest) => with 20% down, 6% interest, the median home price should be: $264,500.00
